投资学第7版Test Bank答案
33. A ___________ is established when an individual confers legal title to property to
another person or institution to manage the property for one or more beneficiaries.
A) tax shelter
B) defined contribution plan
C) personal trust
D) fixed annuity
E) Keogh plan
Answer: C Difficulty: Easy
Rationale: Personal trusts are to be managed for the benefit of the beneficiary.
Managers of these trusts often have relatively high risk aversion for the trust's portfolio.
34. Professional financial planners should
A) assess their client's risk and return requirements on a one-time basis.
B) explain the investment plan to the client.
C) inform the client about the outcome of the plan.
D) A, B, and C
E) B and C
Answer: E Difficulty: Easy
Rationale: They should assess risk and return requirements on an ongoing basis as their
clients advance through the life cycle and their needs change.
35. Deferral of capital gains tax
I) means that the investor doesn't need to pay taxes until the investment is sold. II) allows the investment to grow at a faster rate.
III) means that you might escape the capital gains tax if you live long enough.
IV) provides a tax shelter for investors.
A) II and III
B) I, II, IV
C) I, III, and V
D) II, III, and IV
Answer: B Difficulty: Easy
Rationale: The only incorrect response is III. Capital gains tax will have to be paid
eventually when the assets are sold.
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